HSBC to be fined over money-laundering: report

RonaldD. Orol

WASHINGTON (MarketWatch) - U.S. regulators are set to announce a $1.9 billion settlement with HSBC Holdings PLC
HBC, -0.40%
to resolve probes that the bank ignored possible money laundering, the Wall Street Journal reported Monday citing sources. Top compliance and banking officials at HSBC were quizzed in July at a Senate hearing after a top lawmaker produced a report showing that the global bank allegedly allowed drug traffickers, terrorists and rogue states to launder several billions of dollars because of poor controls. Citing sources, the Wall Street Journal reported that the deal could be announced as early as Tuesday.

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